Bank of Portugal ‘unprecedented’ decision over BES split questioned in lawsuit

bancodeportugal
Bank of Portugal

The New Zealand Superannuation Fund has filed legal proceedings against the Bank of Portugal challenging what it calls an "unprecedented" decision of removing a loan from the ‘good bank' born out of the intervention in Banco Espírito Santo (BES).

The New Zealand sovereign wealth fund for state pension payments invested US$150 million in notes issued by Oak Finance Luxembourg in July, a vehicle the fund says was developed by Goldman Sachs, which extended a $835 million loan to BES the same day.

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